2) In a process-costing system, the calculation of equivalent units is used for calculating:A) the dollar amount of ending inventoryB) the dollar amount of the cost of goods sold for the accounting periodC) the dollar cost of a particular jobD) Both A and B are correct.

1) The purpose of the equivalent-unit computation is to:A) convert completed units into the amount of partially completed output units that could be made withthat quantity of inputB) assist the business in determining the cost assigned to ending inventory and work-in-processinventory.C) convert partially completed units into the amount of completed output units that could be made withthat quantity of inputD) Both B and C are correc

1) In a process-costing system average unit costs are calculatedA) by dividing total costs in a given accounting period by total units produced in that period.B) by multiplying total costs in a given accounting period by total units produced in that period.C) by dividing total costs in a given accounting period by units started in that period.D) by multiplying total costs in a given accounting period by units started in that period.

A key idea in process costing that refers to the number of whole units that could have been started and completed given the costs incurred in a period is known as:Multiple ChoiceManufacturing overhead.Units in process.A job cost sheet.Equivalent units of production.Production cost report.

10) The equivalent unit concept is a means by which a process costing system can compare partiallycompleted work done in each of the various process categories to obtain a total measure of work done.

Which basic element of metric measures the cost or revenue associated with or produced by a specified action or process referred to?Question 8Answera.Quantityb.Costc.Customer Serviced.Quality